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The Bill of Lading (B/L) is an essential document in the realm of ocean shipping, performing multiple critical functions that are indispensable to the logistics and transportation process. Primarily, the B/L acts as a contract of carriage between the shipper and the carrier, outlining the terms and conditions under which the goods are transported. It also serves as a receipt issued by the carrier to the shipper, confirming that the cargo has been loaded on board the vessel in the specified condition and quantity. Additionally, the B/L functions as a document of title, granting the holder legal rights to claim and take delivery of the cargo at the destination.

This document is typically issued by the shipping line or freight forwarder and is paid for by the shipper or the consignee, depending on the terms of sale or the shipping agreement in place. The B/L fee is applicable in scenarios involving international or domestic ocean shipments and is generally calculated on a per-shipment basis.

It is important to distinguish the B/L from other related documents such as the Sea Waybill, which, unlike the B/L, does not confer ownership rights and is non-negotiable. In practical operations, it is crucial to ensure that all details on the B/L are accurate, including the description of goods, parties involved, and shipping instructions, as discrepancies can lead to delays or legal disputes. Furthermore, understanding the type of B/L—whether it is a negotiable or non-negotiable document—can significantly impact the handling and release of the cargo, thereby affecting the entire supply chain process.